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"The stabilization of the job market contrasts markedly with the steep rate of job losses this time last year, highlighting the extent to which business confidence has been revived."
- Markit (based on The New York Times)
Pair's Outlook
Pair started the week at the last week's closing level and peaked till weekly R1. However, it failed to maintain bullish bias and returned to 141 JPY vicinity. At the moment it seems to be capped between 100-day SMA/weekly PP and Ichimoku cloud top. We expect the pair to remain here for some time and then to slowly trail lower till 139 JPY. Only an unexpected peak above weekly R1 could provoke some bullish action.
Traders' Sentiment
Bullish side of open positions slipped by additional 1%, till 46%, during the weekend. However, long side of pending orders increased by approximately 5% and is in 60-65% level depending on the range around current market price.
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